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At this point, many retirees are busy enjoying October, whether it means going to farmers' markets, hiking among the changing leaves, or loading up on pumpkin-flavored goodies and drinks. But this week, it's important to interrupt your regularly scheduled fall activities to focus on two big events.
Each year, Social Security benefits are eligible for a cost-of-living adjustment, or COLA, that's designed to help those checks keep pace with inflation. In 2026, Social Security benefits increased by 2.8%. Many seniors are hoping the 2027 COLA will be a lot more generous.
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Social Security COLAs are calculated based on inflation readings from July, August, and September. September's data should come out early on Oct. 14, after which the Social Security Administration can make its COLA official.
As excited as you may be to learn how much your Social Security checks might increase in 2027, just one day later, Medicare's annual open enrollment period will begin. If you're a current Medicare enrollee, this gives you an opportunity to make changes to your Medicare coverage.
If you're enrolled in original Medicare plus a Part D drug plan, you'll have a chance to dump your current plan and choose a different one instead. You should consider doing this if you're paying a lot for your medications, or if your medications are being moved to a different tier within your plan's formulary in 2027, resulting in higher costs.
If you're enrolled in a Medicare Advantage plan, you can choose a different Advantage plan for 2027 or dump Medicare Advantage altogether. You may want to switch if your current plan is shedding key benefits in 2027 or if your providers are leaving your plan's network.
You're also allowed to sign up for a Medicare Advantage plan for the first time during open enrollment. Doing so could give you access to extra benefits beyond what original Medicare covers. But keep in mind that you might struggle with a more limited provider network.
Medicare Advantage plans are also notorious for needing prior authorization for different services. Read up on what to expect before making this change.
Now to be clear, you don't have to make all of your Medicare-related decisions as soon as open enrollment begins. You have until Dec. 7 to make adjustments to your coverage. But the sooner you get started, the less stressful the process might be.
All told, the coming week is a big one for retirees. Pay attention to these key dates so you don't miss out.
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Two Key Dates Retirees Need to Know About This Week was originally published by The Motley Fool
